To buy a closet, Radha borrowed Rs. 1300 at 12% for 8 months. How much interest will she pay?
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Given:
Principal = Rs. 1300
Time = 8 months
Rate = 12%
To Find:
The interest amount
Solution:
Time = 8 months = 8/12
Simple Interest = PRT/100
Substituting the values -
= 1300 x 12/100 x 8/12
= 13 x 8
= 104
Amount = Principal + interest
Amount = 1300 + 104
Amount = Rs.1404
Answer: The amount to be repaid after 8 months is Rs. 1404.
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